2011 California Code
Government Code
TITLE 2. GOVERNMENT OF THE STATE OF CALIFORNIA [8000 - 22980]
ARTICLE 3. Reimbursement and Refunding Warrants
Section 17255
(a) It is the intent of the Legislature, in enacting this section, to recognize the state s General Fund budget deficit accumulated prior to July 1, 2009. It is further the intent of the Legislature that proceeds from the sale of reimbursement warrants, a short-term obligation up to the amount needed to offset the accumulated General Fund Budget deficit through June 30, 2009, be accounted for as a reduction in expenditures for the 2008 09 fiscal year.
(b) For purposes of this section, the accumulated General Fund budget deficit through June 30, 2009 means the projected negative balance of the Special Fund for Economic Uncertainties at the end of the 2008 09 fiscal year, not including the effect of the accrual of reimbursement warrants in subdivision (a) to offset expenditures in 2008 09.
(Added by Stats. 2009, 3rd Ex. Sess., Ch. 4, Sec. 3. Effective February 20, 2009.)
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